***Update Here***Should I keep Or Sale Gut Flip in B- area.If I sale my new flip best I’ll get is 30k after 9 months.If I keep as a Long term rental I’ll have to convert the garage into a 1 bed cottage at an additional cost of $35k leaving a total of $107k left in this deal after 70% refi and closing cost.

If your accountant will let you expense it that would give you more benefit if the short term. 

(Nights, weekends, and holidays are shot in Hospitality and Unions have great benefits).

Loophole is a term politicians gave for tax laws they do not like. 

@Jagan ReddyI own several long term rental properties in 38127.

And the other advantage is that you're able to use a 15 or even a 10 year depreciation schedule vs. the conventional 30 year which is also a huge benefit to owners.

I'm fine to do 5 year seller financing and allow subject if other terms are met.

The interest rates are crazy, and most term limits are 15 to 20 years.

I am retired and collecting a pension and access to 401k funds (1099-R income)...so I am wondering how all of the information I am hearing about tax benefits as it pertains to W2 incoming applies to my 1099-R income. 

You need time to get your feet wet - and doing it on a small scale is WAY safer than getting into a 6 figure renovation.Flips are for one time cash, and rentals are for long term cash-flow.